Nigerian May Reduce Reserves of Euros to Minimize Risk
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Nigeria may reduce the portion of its foreign reserves kept in euros to minimize risk amid the European debt crisis, the central bank said.
“The euro component at 7.8 percent needs to be monitored closely and if necessary further reduced to minimize the currency and exchange rate risks associated with euro holdings occasioned by the euro-zone debt crisis,” the Abuja-based Central Bank of Nigeria said in a report published today on its website.